PANDORA
Pandora is the brand of the charm bracelet, and by its own account it sells more jewellery than anyone else: 112 million pieces in a year. Behind it stands not a luxury group but a company listed in Copenhagen that makes its pieces itself, in its own factories in Thailand. That sets Pandora apart from almost every fashion brand on this site, which hire contract manufacturers.
PANDORA
- Origin
- Denmark
- Founded
- 1982
- Group
- Independent
- Production
- Thailand
- Core materials
- Silver, Gold, Lab-grown diamonds
- Price level
- 2/4
How much this brand discloses, and how much of it we could verify. It is not a quality rating — a composition line cannot tell you how good a fabric is. How we calculate it
- Production disclosure 13/25
- Linked sources 20/20
- Own material check 0/15
- Fabric weight stated 0/12
- Country stated per product 0/10
- Construction detail stated 0/10
- Cost breakdown published 0/8
Evidence for the price About what this price band usually documents
Who the brand is for
People who want to collect and give jewellery without paying jeweller prices: bracelets onto which charms can be added one by one, plus rings, earrings and necklaces. Pandora says it sells in more than 100 countries through more than 7,000 points of sale, including around 2,800 concept stores. The price band sits in the middle, well below traditional jewellers.
Who owns it
Goldsmith Per Enevoldsen and his wife Winnie Liljeborg opened a small jewellery shop in Copenhagen in 1982, called Populair Smykker. They travelled to Thailand to buy jewellery, gave up retail in 1987 and hired their first in-house designer. In 2000 the charm bracelet came to the Danish market. In 2008 the private equity firm Axcel acquired 60 percent, and in 2010 the company listed in Copenhagen.
Today Pandora A/S is a listed company with no parent group. For 2025 it reported revenue of 32.5 billion Danish kroner, about 4.4 billion euros, with six percent organic growth and an operating margin of 23.9 percent. Around 39,000 people work for the company worldwide. For 2026 management expects growth between minus one and plus two percent.
Almost a quarter of revenue remains as operating profit. That is a margin more often seen in luxury than in silver jewellery.
Where it is made
Pandora makes its jewellery in its own factories. Production in Thailand began in 1989; in 2005 the first large facility owned by the company opened in Gemopolis near Bangkok, and in 2017 Lamphun in the north of the country followed. According to the company, more than 12,000 people work at these sites; two carry the LEED Gold building certification. Designs are created in Copenhagen, product development happens in Thailand, and by the company's account it takes about four months from design to finished piece.
A further factory in Binh Duong Province, Vietnam, has been announced with an investment of more than 150 million US dollars, designed for up to 60 million pieces a year and up to 7,000 employees. It was scheduled to start in early 2026. Whether and to what extent it is already producing is not clear from the company's pages, so we do not yet list Vietnam as a production country.
What the price buys — our view
This section is an assessment, not a finding. Since August 2024 Pandora says it has used only recycled silver and gold, sourced from refiners certified to the Responsible Jewellery Council's chain of custody standard. Since 2021 it has also sold lab-grown diamonds. Anyone buying a Pandora piece therefore gets a rare combination of own production, a named production country and documented metal sourcing. What you do not get is any figure for unit costs or wages in the Thai factories.
Verifiable statements with a source, not a rating. We publish no ethics score of our own — for that, follow the external link.
- Production countries
- Thailand
- Supplier list published
- View the list
What we can document
- Founded 1982 in Copenhagen by Per Enevoldsen and Winnie Liljeborg, Axcel 60 percent in 2008, listing in 2010 (Pandora history)
- Revenue 2025 of DKK 32,549 million, 6 percent organic growth, EBIT margin 23.9 percent, around 39,000 employees (full-year results of 4 February 2026)
- Own factories in Thailand since 1989: Bangkok, Gemopolis, Lamphun, more than 12,000 employees (company craftsmanship page)
- Only recycled silver and gold since August 2024, refiners certified to the RJC chain of custody standard (press release of 23 September 2024)
- Factory in Vietnam announced: more than USD 150 million, up to 60 million pieces a year (Pandora press release)
What we cannot
- Whether the Vietnam factory is already producing — not clear from the company pages
- Current shareholder structure — not analysed
- Unit costs and wages in the factories — not public
- Whether Pandora itself is RJC-certified — the certificate was only available as an image file, so not included
Sources
5 in total · archived internally- Chronik Pandora — Gründung 1982, Thailand seit 1989, Gemopolis 2005, Axcel 2008, Börsengang 2010, Lamphun 2017, laborgezüchtete Diamanten 2021 — Pandora Read 14 September 2026
- Handwerk — eigene Fabriken in Bangkok, Gemopolis und Lamphun, mehr als 12.000 Beschäftigte, 100 Prozent recyceltes Silber und Gold seit August 2024 — Pandora Read 14 September 2026
- Pressemitteilung vom 23. September 2024 — nur noch recyceltes Silber und Gold, Raffinerien nach RJC Chain of Custody zertifiziert — Pandora Read 14 September 2026
- Pressemitteilung zur Fabrik in Vietnam — mehr als 150 Mio. USD, bis zu 60 Mio. Stück, bis zu 7.000 Beschäftigte, Start Anfang 2026 geplant — Pandora Read 14 September 2026
- Jahresergebnis 2025 vom 4. Februar 2026 — Umsatz, organisches Wachstum, EBIT-Marge, Beschäftigte, Ausblick 2026 — Pandora / GlobeNewswire Read 14 September 2026
Reader reviews of PANDORA
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Read on
A garment is made across several countries. The label almost always names only one of them. Which one, and what falls away in the process.
We asked twenty brands across four groups the same question: does the product page say where the item was made? The answer has nothing to do with price — and that is the real story.
Questions readers ask
Who owns Pandora?
Pandora A/S has been listed in Copenhagen since 2010 and has no parent group. The company was founded in 1982 by Per Enevoldsen and Winnie Liljeborg; in 2008 the private equity firm Axcel acquired 60 percent. We have not analysed the current shareholder structure.
Where is Pandora jewellery made?
In its own factories in Thailand, in Bangkok, Gemopolis and Lamphun, with more than 12,000 employees. A factory in Vietnam has been announced; whether it is already producing is not clear from the company pages.
Is Pandora a Danish brand?
Yes, by origin and headquarters. Pandora was founded in Copenhagen in 1982, still designs there and has its head office there. Production, however, has taken place in Thailand since 1989.
Does Pandora use recycled silver?
By its own account exclusively since August 2024, for silver and gold alike. According to the company, its refiners are certified to the Responsible Jewellery Council's chain of custody standard.
Does Pandora sell diamonds?
Yes, lab-grown ones. The first collection launched in the UK in 2021, followed by the US and Canada in 2022. According to the company, these stones are produced with renewable energy and set in recycled silver and gold.